President of Brazil’s Central Bank requests more power over illegal operators
Gabriel Galípolo addressed the Parliamentary Inquiry Commission to clarify the Bank’s current jurisdiction.
Key points:
– Central Bank of Brazil President Gabriel Galípolo has stated that the organisation could require additional powers
– Currently the power over illegal betting sites lies solely with the SPA
– Galípolo addressed Brazil’s Parliamentary Inquiry Commission to explain the Central Bank’s current role
President of Brazil’s Central Bank Gabriel Galípolo has addressed the nation’s Parliamentary Inquiry Commission to clarify the Bank’s sanctioned responsibilities regarding illegal betting sites, as well as specifying that he believes they require additional powers in this area.
As part of his address, Galípolo underlined the fact that it is the SPA that holds the power to determine which bets are authorised, stating that he believes the Central Bank should have more involvement. Currently, the Central Bank is not able to step in and mediate betting transactions and – while being formerly advised by the SPA – is only able to inform a financial establishment of when it can no longer accept bets.
As part of his direct address, Galípolo stated: “I know that the Senators are well aware of this, but it is important to start by highlighting that the Central Bank of Brazil does not have the legal authority to monitor or apply sanctions for transactions involving fixed-odds betting carried out with legal entities that are not authorised to carry out this activity. There is no authority attributed to the Central Bank in Law No. 14,790 of 2023.
“Without specific regulations for the Central Bank, there is no authority for supervision and sanctioning on our part. Therefore, our activities do not include the control or regulation of specific operations related to fixed-odds betting provided for in the aforementioned law and its subsequent regulation.”
Good to know: Last week, the SPA announced that recipients of the Bolsa Familia and other financial welfare programmes in Brazil would be prohibited from sports betting
This latest update pairs with annother announcement, made by the Central Bank, which highlights that Brazilians are currently wagering up to a total of $5.1bn on online better per month. Further, Galípolo has also stated that the SPA estimates 94% of this wagering amount are – at present – being returned as prizes.
Galípolo also highlighted that the growth of Brazil’s black gambling market could, in his opinion, be attributed to the long delay in legislative approval for sports betting by Congress.
In additional recent and related legislative news, the SPA submitted the requirement for all authorised fixed-odds betting operators to submit their anti-money laundering and terrorist financing prevention policies for review.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
